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Friday, September 10, 2010

Greenspan, Bernanke, and the Barbarous Relic

The abandonment of the gold standard made it possible for the welfare statists to use the banking system as a means to an unlimited expansion of credit... In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value... Deficit spending is simply a scheme for the ‘hidden’ confiscation of wealth. Gold stands in the way of this insidious process. It stands as a protector of property rights. If one grasps this, one has no difficulty in understanding the statists’ antagonism toward the gold standard.Alan Greenspan
Alan Greenspan / Constitution.org: Gold and Economic Freedom, 1966
In truth, the gold standard is already a barbarous relic.John Maynard Keynes, 1922
John Tamny / Forbes:
The U.S. Goes Back To The Gold Standard -- The clock is ticking. Fiat money has never lasted long, and with good reason. Bad as things may seem now, future historians will write positively of today's economic crackup for allowing our stable-currency rebirth. Hope springs eternal.
Robert Lenzner / Forbes:
Central Banks Leading New Gold Rush -- It has not been lost on central banks that the dollar has lost 80% of its value against gold since 1999. Just as serious, dollar-denominated stock market indexes have also lost around 80% of their value relative to gold in the past decade. There is unmistakable fear that precious metals may well hold their value or rise in value as paper money gets trounced.

A wealthy precious metals investor recently warned me to move at least some of my investments out of the U.S. to safer havens and to switch dollars into gold and real assets, like other commodity producing properties...
Richard Daughty / Asia Times:
We're Doomed: Buy Gold, Silver and Oil - to my Sheer Mogambo Outrage (SMO), that all things cost about 47% more than they did in 2000, which is a compounded 3.9% inflation per year, which is not only historically horrifying, but is about half of the real inflation rate Right Freaking Now (RFN), which is above 8%, as calculated by John Williams at shadowstats.com!

In short, We're Freaking Doomed (WFD), and the only way I can find to be "un-doomed" is to buy gold, silver and oil with every penny you can scrape up before that penny loses most, or all, of its purchasing power...
Drew Mason / Minyanville:
Why Gold Is Wall Street's Best Kept Secret
Richard_Mills / MarketOracle:
Obama Plus Bernanke Equals A Higher Gold Price 

Zero Hedge:
IMF Resumes Direct Gold Dumping, Sells 10 Tons Of The Shiny Metal To Bangladesh
ECR Research Says That The Point Of Recognition Is Approaching As The World Realizes Ben Bernanke Is Naked

Alix Steel / TheStreet:
A Potential Achilles Heel for Higher Gold Prices


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